比较表：高收益电信、有线电视、卫星；我们提供高收益电信、有线电视/卫星的比较表，包括主要表现优异者和表现不佳者。

OAS05/09/2025change (bp)266293(26)4454150536(5)330343(13)(5)202216(14)(8)324340(16)1Q252024202320220.55%18.64%8.79%(15.03%)1.79%6.85%12.72%(15.82%)1.00%8.19%13.44%(11.19%)1.49%6.30%11.60%(10.80%)0.74%7.38%13.78%(10.26%)Restricted - External JeffHarlib+1 212 412 6952jeffrey.harlib@barclays.comBCI, USJoseph Mulherin+ 1 212 526 4024joseph.mulherin@barclays.comBCI, US FIGURE 5. WirelineNote: (1) Lumen and Level 3 PF2022 and PF2023 adjust for the full-yeareffectof the ILEC, LatAm, and EMEA asset sales. (2) LUMN 5y CDS levels shown in points upfront. (3) The "Secured" column for LUMN shows priority leverage, which includes onlyholdco secured and opco debt, ex-Qwest Capital Funding.Source: Company reports, Bloomberg, Barclays Research27 May 2025 FIGURE 6. Wireline (cont.)Note: (1) Frontier secured leverage is first lien, not second lien.Source: Company reports, Bloomberg, Barclays Research27 May 2025 FIGURE 9. Telecom/Cable/Satellites (cont.)Source: Company reports, Bloomberg, Barclays Research27 May 2025 Note: 1) Reflects our pro forma 2026 estimates, including the full yeareffectof MBI and acquisition-related financing.Source: Company reports, Bloomberg, Barclays Research27 May 2025 FIGURE 11. Telecom/Cable/Satellites (cont.)Note: 1) Dish DBS FCF excludes interest income from intercompany loans.Source: Company reports, Bloomberg, Barclays Research27 May 2025 Analyst(s) Certification(s):We,JeffHarlib and Joseph Mulherin, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about anyor all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly or indirectlyrelated to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notlimited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), theprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes norepresentation that it is accurate or complete. All levels, prices and spreads are historical and do not necessarily represent current market levels, pricesor spreads, some or all of which may have changed since the publication of this document. Barclays Research Department produces various types ofresearch including, but not limited to, fundamental analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations andtrade ideas contained in one type of Barclays Research maydifferfrom those contained in other types of Barclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Disclosure(s) regarding Information Sou